what are requirements for short sale?

  • January 29 2010 - Berkley
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Answers (5)

Each lender has their own requirements for short sale.  The seller needs to contact their lender and request a short sale packet to get the process started.  In most cases, the home must be occupied.
  • February 02 2010
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Profile picture for ZetaCross
Here in the northeast, you must miss two mortgage payments. You also must be able to conclusively demonstrate that you do not have enough money coming in to pay your bills. If you can pay the mortgages, you are not a candidate. Short sale definitely beats foreclosure and bankruptcy options but it is no cake walk. I would strongly recommend hiring an attorney who specializes in short sales. A good one will NOT charge sellers. The bank will pay. For buyers, I can't recommend strongly enough using a real estate professional....but also hiring an attorney who has done a lot of short sales--a specialist. The one we use charges buyers a flat $750 fee. If you are successful in buying a short sale property, you should save at least 10% off the asking price. That is more than enough to cover all the loopholes and pitfalls that can befall you. Good luck!
  • January 31 2010
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Contact the lender. Each lender has their own requirements which can often be found on their web sites.
  • January 31 2010
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Profile picture for wetdawgs
Elizabeth Weintraub's site on about.com has a good article on the requirements for selling short.
  • January 29 2010
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It depends on the lender. Some post their requirements on their websites.

You can also contact the loss mitigation department for an initial intake
package.
  • January 29 2010
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